Bracknell Regeneration Partnership secures pre-let to M&S.
18 October 2012
The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Property and Schroders, has signed a pre-let to Marks & Spencer (“M&S”) for an 80,000 sq ft store on a key site in the north of Bracknell’s town centre on a 25 year lease.
The proposed store will be arranged over two levels and will offer the full spectrum of the M&S range,
including menswear, womenswear, homeware and a Food hall. Acting as a major anchor to the northern part of the town centre, the letting follows closely after the announcement that Cineworld has agreed to take a 12-screen, 41,500 sq ft cinema on a nearby site, also on a 25 year lease.
It is intended for the new M&S store to be located next to the new Waitrose store, which was completed in the first phase of the Bracknell regeneration project in 2011. This location is immediately adjacent to Millennium Way, a major double-carriageway road which offers unrivalled access and convenience for customers.
Clem Constantine, Property Director for Marks & Spencer, said: “We are delighted to be involved with this development in order to give our customers in Bracknell a full range of fashion, homeware and quality food. The BRP’s vision for the Town Centre is exciting and we are delighted to have been selected as the anchor tenant.”
Simon Russian, Head of Retail Development at Legal & General Property, commented: “We are confident that the successful signing of Marks & Spencer will further kick-start the regeneration of Bracknell Town Centre. Marks & Spencer is synonymous with quality and, together with the already opened Waitrose store, builds upon our vision to create a high quality anchor line-up to compliment the shopping catchment of Bracknell.”
Ian Mason, Head of UK Property Fund Management at Schroders, added: “The site, which forms part of the comprehensive redevelopment of the northern part of the town centre, will be surrounded by a significant number of new retailers who haven’t previously been represented in Bracknell.
“The proposed M&S store will provide a significant boost to Bracknell’s economy and is in-line with the type of high quality retailers we are looking to attract to Bracknell.”
CBRE and Lunson Mitchenall advised BRP on the letting and CBRE acted for M&S.
Notes to editors
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £381bn of assets on behalf of more than 3,300 clients (30 June 2012) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 June 2012.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
o Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
Schroders has managed property funds since 1971 and has £10.1 billion (EUR 12.5 billion / US$ 15.8 billion) of gross property assets under management (at 30 June 2012) and has around 100 property staff located in 9 offices across the UK and Europe.
All of the property funds referred to are unauthorised collective investment schemes as defined in the
Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit www.schroderproperty.com
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
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